Euro bears be warned...Must Read...
Dear CIGAs,
The following intel came from Harry Schultz this morning: Euro bears be warned. There is more, but this is all I dare post.
Harry remains the main man in gold, currency and economic intel. Bravo to you Harry.
Behind the scenes at the G-8 and NATO summit meetings, some significant decisions were made that will impact over the coming weeks.
The critical decision at the G-8 meeting and several of the bilateral meetings that took place on the sidelines of the Camp David gathering centered on the decision to plunge ahead with the bailout of the European banks in an effort to save the Euro system, with Greece still inside. President Obama is terrified that a financial meltdown of the Euro system will spill over into Wall Street and result in his losing the November elections. Behind the scenes around Camp David, Christine Legarde put the IMF squarely behind a bailout of the European banks, with the full backing of the Federal Reserve and Treasury in the United States to boost the leveraged lending of the European Central Bank (ECB) to prop up the European banks. ECB will take junk bonds and other vastly over-priced assets as collateral for loans to the Spanish, Greek and other European banks. This will offset an additional estimated $500 billion in new write-offs by bondholders of Greek debt.
The bottom line is that if Greece leaves the Euro, the contagion will spread overnight to Spain, Portugal, Ireland, and, perhaps, even Italy. So, the IMF, the Obama Administration and the ECB are all on board to further delay the reality of the financial and banking crisis through hyperinflationary measures. The idea is that the situation will take many months to fully play out, and Obama and his re-election team hope that the system will hold together past the November elections.
In his sideline meeting with new French President Hollande, Obama reached a full agreement on this perpetuation of the Euro. This is an area where Hollande and Merkel will agree to disagree. They both want to defend the Euro, but Hollande will continue to insist that the austerity must be limited and a growth program initiated. This is actually impossible to accomplish, but this is the growing perspective of the Eurosocialists, including Hollande and his colleagues in Germany’s Social Democratic Party (SPD) and the Italian Socialist Party (PSI). A majority of Greek voters are in favor of staying in the Euro, so long as the austerity is reduced.
Hollande will make another effort this week at the European Monetary Union heads of state meeting to push for Eurobonds, as one way to implement this bailout plan. Merkel will likely oppose and block this latest Eurobond argument. The total amount of assets on the books of the US Federal Reserve and the European Central Bank fall far short of the currently estimated 4 trillion euro liability of the European private banks.
This was the single-most important decision taken at the G-8 meeting, and it was a deeply flawed decision that will have severe consequences. For Obama, the crucial question is: Will the consequences hit before or after the November elections in the United States? This may be the deciding factor in the outcome of those elections.
Russia’s Presence in Camp David and Chicago
On May 14, Russia’s Prime Minister Medvedev delivered a speech at an international law conference in St. Petersburg, Russia, just before departing for Camp David. In his speech, he announced the “Putin Doctrine,” opposing any attempts to use humanitarian intervention pretexts to violate the national sovereignty of any nation. U.S. Attorney General Eric Holder was seated on the podium behind him when he delivered these remarks. Medvedev went so far as to say that the attempt to carry out humanitarian interventions without the prior full consent of the United Nations Security Council could lead to regional wars, and, ultimately could lead to thermonuclear conflict.
The U.S. government was not surprised at the Medvedev speech, because Russian ambassadors around the world had been instructed to inform the host governments of the new “Putin Doctrine” of the inviolability of national sovereignty and the threat posed to the world order by attempts to violate that principle. Russia would organize resistance to any such efforts.
At a conference in Moscow on May 3, top Russian government officials, including the Chief of the General Staff Makarov, had warned that NATO’s decision to move ahead with the deployment of the European Missile Defense System could also drive Russia to launch pre-emptive attacks on components of the system, during a later stage when it would pose a threat to Russia’s second nuclear strike capabilities.
These two pointed warnings from Russia resonated at both the G-8 and NATO summit meetings, particularly since President Putin had told President Obama in a telephone conversation soon after the Moscow conference that he would not be attending the G-8 meeting, but would be sending Medvedev instead. The location of the G-8 meeting had been changed from Chicago to Camp David, after the cancellation of the NATO-Russia Council meeting, due to the conflict over the missile defense deployment in Europe.
As the result of the stark Russian warnings, there were two concessions made during the G-8 and NATO meetings. The language of the G-8 communique regarding Syria was altered to remove any implicit calls for regime change against the Assad government. At NATO, there was recognition that Russia has objections to the missile defense deployment, and that there will be efforts to reconcile those differences in negotiations that are already underway, between trusted Russian and American intermediaries.
However, another issue came up at the Chicago NATO meeting, at the initiative of David Cameron and with the full support of President Obama, which will emerge as a major controversy on both sides of the Atlantic. In May 2010, British Prime Minister David Cameron ordered a full strategic review of Britain’s military forces and doctrine. A year later, in April 2011, President Obama ordered the same kind of study. At Chicago, Cameron and Obama pushed for a similar NATO assessment study. The purpose is to present the case that NATO must be able to move more swiftly, particularly in cases of humanitarian interventions, without the delay of formal approval by the 28 parliaments of the 28 NATO member countries. In other words, NATO should have its own military assets and should be free to take action without approval of the sovereign parliaments, if the NATO heads of state reach a unanimous agreement.
This is a dangerous erosion of the sovereignty of all NATO countries, and will meet with serious opposition, once the implications of this move are fully understood. There will be serious resistance in the US Congress from both Democrats and Republicans.
This will also come in conflict with the new “Putin Doctrine” of Russia because it is indicative of further NATO “humanitarian interventionism” plans, based on last year’s Libya intervention.
The US on Wednesday opened its banking market to ICBC, China’s biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.
Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.
The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.
ICBC has been the most aggressive of China’s “big four” banks in expanding overseas.
According to the Fed the bank has total assets of roughly $2.5 trillion.
It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.
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Dear CIGAs,
With my apologies to Wordsworth I have included an economic sonnet inspired by Jim.
CIGA William
QE To Infinity
Government is too much with us, here and now.
Taxing and spending it lays waste our efforts.
Our political leaders tell us clearly,
The solution to excess spending is more spending.
The solution to excess debt is more debt.
For this, I suspect we shall pay dearly.
The enabler for our politicians is the Federal Reserve.
Whose original mandate was the value of our currency to preserve.
Its actions have given our government the ability,
to refuse to accept fiscal responsibility.
Our future does look grim indeed,
for we are now a great nation in need.
QE I, QE II, Twist, Quantitative easing to infinity,
Is this not a form of fiscal insanity?
Jim Sinclair’s Commentary
This will and must take place since the business function of SWIFT
has been converted into a Western economic weapon of nuclear capacity.
This weapon is so powerful it should have been inventoried for all
out war time. Now, it will simply be replaced without any doubt. The
western warrior intellects of our intelligence services picked a nuclear
bomb to swat a fly and now will permanently lose that weapon.
Iran designs alternative system for SWIFT: CBI Sat May 26, 2012 5:56PM GMT
Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani says the country has designed and implemented a new system for conducting international transactions.
Bahmani said on Saturday the new system, which has already been activated, would replace Worldwide Interbank Financial Telecommunication (SWIFT)
On March 15, SWIFT CEO Lazaro Campos said in a statement that the society has decided to discontinue offering services to Iranian banks which are subject to financial sanctions imposed by the European Union.
On January 23, the EU foreign ministers approved new sanctions on Iran’s financial and oil sectors, which prevent member countries from importing Iranian crude or dealing with its central bank.
Experts believe that SWIFT’s new action is meant to fully enforce EU sanctions, as global financial transactions are impossible without using SWIFT.
Bahmani rejected reports about a Japanese bank freezing transactions with Iranian banks.
More…
Jim Sinclair’s Commentary
In the end Hollande wins.
Greece warned of public finances collapse
Greece’s public finances could collapse as early as next month, leaving salaries and pensions unpaid unless a stable government emerges from the June 17 election, according to Lucas Papademos, the technocrat prime minister who left office after this month’s inconclusive vote.
Mounting anxiety that Greece is headed for further political instability and a possible exit from the euro has prompted many Greeks to postpone making tax payments, and has also accelerated outflows of deposits from local banks.
Read More @ ft.com.com
by Soren Dreier, Zen-Haven:
Spaniards laze at sidewalk cafes on a street dotted with banks. The
biggest bank bailout in Spanish history doesn’t seem to have affected
this weekend crowd: There are no lines of people trying to take out
their money.
But if Europe’s debt crisis has barely diminished the crowds in Madrid’s popular tapas bars and shops, Spain’s own banking crisis just might.
Investors are holding their breath for a run on Spanish banks as depositors quietly worry whether their money is safe. Electronic transactions are up slightly, with money flowing from smaller Spanish banks to larger ones, and even to accounts outside the country, though the volume is far less than in more deeply troubled Greece.
“The moment they start saying, ‘Don’t worry, your money will be safe,’ is the moment you should withdraw your money from the bank,” said Julian Mezzadri, 37, who took all of his savings out of a Madrid bank two weeks ago, on news of a government bailout for Spain’s biggest real estate lender, Bankia.
Read More @ zen-haven.dk
Spaniards laze at sidewalk cafes on a street dotted with banks. The
biggest bank bailout in Spanish history doesn’t seem to have affected
this weekend crowd: There are no lines of people trying to take out
their money.But if Europe’s debt crisis has barely diminished the crowds in Madrid’s popular tapas bars and shops, Spain’s own banking crisis just might.
Investors are holding their breath for a run on Spanish banks as depositors quietly worry whether their money is safe. Electronic transactions are up slightly, with money flowing from smaller Spanish banks to larger ones, and even to accounts outside the country, though the volume is far less than in more deeply troubled Greece.
“The moment they start saying, ‘Don’t worry, your money will be safe,’ is the moment you should withdraw your money from the bank,” said Julian Mezzadri, 37, who took all of his savings out of a Madrid bank two weeks ago, on news of a government bailout for Spain’s biggest real estate lender, Bankia.
Read More @ zen-haven.dk
The eurozone’s engine-room of France and Germany is now being hit by Europe’s economic slowdown, gloomy new indicators have revealed. So far, the 17-nation bloc’s downturn has been confined mainly to its periphery – with Greece, Portugal and Ireland all seeking bailouts. But an index measuring broad economic activity across the monetary union in May showed its weakest outcome since mid-2009, during the global financial crisis.
It has given added urgency to the region’s struggle to keep Greece’s debt crisis from tearing the single currency apart.
Read More @ Thetruthisnow.com.com
The
Government is drawing up plans for emergency immigration controls to
curb an influx of Greeks and other European Union residents if the euro
collapses, the Home Secretary discloses today.
By Robert Winnett, and James Kirkup, The Telegraph:
In an interview in The Daily Telegraph, Theresa May says “work is ongoing” to restrict European immigration in the event of a financial collapse.
People from throughout the EU, with the exception of new member countries such as Romania and Bulgaria, are able to work anywhere in the single market.
However, there are growing concerns that if Greece was forced to leave the euro, it would effectively go bankrupt and millions could lose their jobs and consider looking for work abroad.
The crisis could spread quickly to other vulnerable countries such as Spain, Ireland and Portugal, although Britain is regarded as a safe haven because it is outside the single currency.
Read More @ telegraph.co.uk
By Robert Winnett, and James Kirkup, The Telegraph:
In an interview in The Daily Telegraph, Theresa May says “work is ongoing” to restrict European immigration in the event of a financial collapse.People from throughout the EU, with the exception of new member countries such as Romania and Bulgaria, are able to work anywhere in the single market.
However, there are growing concerns that if Greece was forced to leave the euro, it would effectively go bankrupt and millions could lose their jobs and consider looking for work abroad.
The crisis could spread quickly to other vulnerable countries such as Spain, Ireland and Portugal, although Britain is regarded as a safe haven because it is outside the single currency.
Read More @ telegraph.co.uk
Jim Rogers Interview about Hard Assets, Oil, and Currency Diversification
If Greece Was California...
For all its rhetoric, the current situation in the Eurozone should be very familiar to most Americans: after all it is merely a Federalist organization just missing one key feature: Federalism. At least for now. Whether Europe will succeed in reversing 20 centuries of nationalist pride, a multitude of languages, religions, cultures, histories, and superficial solidarity and friendliness covering generations of broad-based enmity, blood feuds and hatred, which is precisely what will be required (because the monetary union was merely half of the game) remains to be seen. It is likely that the stock market will force this resolution sooner than most expect. Then the question becomes: will Europe truly become the United States of Europe. And if so, what would the current Greek travails look like if they were transplanted to the state of California: another place which may soon be in dire need of a bailout. Luckily Jefferies' David Zervos has performed just the thought experiment: "let's assume the European monetary system structure was in place in the US. And then imagine that a US "member state" were to head towards a bankruptcy or a restructuring of its debts - for example California." The results are below.U.S.A. 2012: Is This What We've Become?
The word "sacrifice" has been sacrificed on the altar of expediency. The politicians we elect (those who dare speak the truth of our impoverishment and complicity don't get elected--we abhor and fear the truth) have ground the word "sacrifice" into meaningless with overuse; it now means nothing but yet another clarion-call to swallow lies and artifice to protect our share of the loot. The government can't be the problem, because the government issues me a nice check every month. And so we cling to easy falsehoods... The problem is our consumerist, Central-State dominated society/economy that depends on ever-rising debt and and leverage is unsustainable, and placating ourselves with expedient simplicities that shift the accountability and responsibility from ourselves to someone or something else solves nothing. This reliance on excuses, denial and expediency is the hallmark of adolescence; in adulthood, these are the hallmarks of failure and pathology....
Is this what we've become, brittle, simulacra "grown-ups" who are incapable of acknowledging the truth of our situation? If we cannot dare acknowledging reality, then how can we solve our problems? If we cannot bear an awareness of our systemic rot and unsustainability, then how can we move past denial and expediency? If we have lost the ability to live within our means and to acknowledge difficult facts, then we have lost everything: our national integrity, our ability to problem-solve, our vigor and our future.
Bill Moyers & Company: Reckoning With Torture
War Pigs - The Fall Of A Global Empire
As
Americans mindlessly celebrate another Memorial Day with cookouts,
beer and burgers, the U.S. war machine keeps churning. As we brutally
enforce our will on foreign countries, we create more people that hate
us. They don’t hate us for our freedom. They hate us because we have
invaded and occupied their countries. They hate us because we kill
innocent people with predator drones. They hate us for our hypocrisy
regarding democracy and freedom. Just when we had the opportunity to
make a sensible decision by leaving Iraq and exiting the Middle East
quagmire, Obama made the abysmal choice to casually sacrifice more
troops in the Afghan shithole. We have thrown over $1.3 trillion
down Middle East rat holes over the last 11 years with no discernible
benefit to the citizens of the United States. George Bush and Barack
Obama did this to prove they were true statesmen. The Soviet Union
killed over 1 million Afghans, while driving another 5 million out of
the country and retreated as a bankrupted and defeated shell after ten
years. Young Americans continue to die, for whom and for what? Our
foreign policy during the last eleven years can be summed up in one
military term, SNAFU – Situation Normal All Fucked Up. These endless
foreign interventions under the guise of a War on Terror are a smoke
screen for what is really going on in this country. When a government
has unsolvable domestic problems, they try to distract the willfully
ignorant masses by proactively creating foreign conflicts based upon
false pretenses. General Douglas MacArthur understood this danger to
our liberty.
“I am concerned for the security of
our great Nation; not so much because of any threat from without, but
because of the insidious forces working from within.”
Newedge Leaves Greek Stock Market, Will Only Execute Sell Orders
Either the game of chicken in Europe has just hit and surpassed ludicrous speed, or French banks SocGen and Credit Agricole, both of which have some of the worst CT1/TA ratios in the known universe, and which are the JV participants of Newedge, have decided to formally pull the plug on Greece. As the FT reported moments ago, Newedge "has told clients that it will process only sell orders, and stop extending margin loans for existing positions in Greek securities, according to a memo obtained by the Financial Times.""It’s Capital - We Guarantee It!"
In any economy, “capital” is real wealth which has not been consumed. The production of new wealth is dependent on the supply of capital goods or factors of production - above all the tools essential to the task. A capitalist economy is impossible without a further form of capital - a medium of exchange or money. But money does not produce goods, it facilitates their exchange. Any money will do that, but SOUND money provides a still more important service. It allows for economic calculation. And without a reliable form of economic calculation, it is impossible to discover whether a given process of wealth production is viable or not. A SOUND money allows for the reliable calculation of profit or loss in any enterprise. By doing that, it acts to minimise the loss of real wealth by directing new capital into profitable uses and diverting it from uses which do not pay their way. This is the only process by which any nation can become prosperous. It is entirely short-circuited when the common denominator in all economic calculations - money - is produced by edict and not by effort. It has long been known that it is impossible to “create” wealth out of thin air. It has long been held that money and wealth are synonymous. It is now a tenet of market faith that when it comes to creating money out of thin air - literally anything goes. The contradiction is as glaring as it is ignored.Complete European Calendar Of Events: May - July
There are still 3 weeks until the next so very critical Greek elections (which if we are correct, will have an outcome comparable to the first, and not result in the formation of a new government absent Diebold opening a Santorini office), meaning the power vacuum at the very top in Europe will persist, and while the market demands some clarity about something, anything, nothing is likely to be implemented by a Germany which is (rightfully, as unlike the US, Europe does not have the benefit of $16 trillion in inflation buffering shadow banking) concerned by runaway inflation if and when the global central banks announce the next latest and greatest global bailout, which this time will likely by in the $3-5 trillion ballpark. However, none of this will happen before the market plummets as Citi explained last weekend, and Europe has no choice but to act. Luckily, as the events calendar below from Deutsche Bank shows through the end of July there are more than enough events which can go horribly wrong, which ironically, is precisely what the market bulls need to happen for the central-planning regime to once be given the carte blanche to do what it usually does, and believe it can outsmart simple laws of Thermodynamics, regression to the mean, and all those other things central bankers believe they can simply overrule.After Eurovision Comes The Euroscramble: Europe's Latest "Silver Bullet", "Secret" Bail Out Plan
Mere hours after the annual European Eurovision song contest ended at a cost to the host country in the hundreds of millions, money which should have been spent productively elsewhere but wasn't while providing utterly unnecessary distraction
to hundreds of millions from what is truly important, we get another
stark reminder that the continent is not only broke, but that it no
longer even pretends to have credible ideas about how to go about fixing
itself. The latest speculation:
"Secret plans are being drawn up in Brussels for a European rescue
fund that could seize control of struggling banks across the Continent.
The scheme, which would be funded by a levy on banks, will be presented by supporters as a "silver bullet"
that could halt the steady escalation of the eurozone debt crisis. It
is being worked on in tandem with a proposal from Mario Monti, the
Italian prime minister, for a Europe-wide guarantee on bank deposits.
The proposal would throw the financial muscle of Europe's stronger
nations, and healthy financial institutions, behind weaker countries and
lenders. Proponents, including top advisers to the European
Commission, say the removal of the threat of bank collapses would
restore market confidence in Italy and Spain." In other words, last
week's rumor that was supposed to be presented at the latest flop of a
FinMin summit is once again being reincarnated as apparently nothing
else in the European arsenal has any remaining credibility - and as a
reminder, none other than unelected Monti's one-time employer Goldman
Sachs said a eurowide deposit guarantee would not work.
from Azizonomics:
We all know that the National Defense Authorization Act (NDAA) signed by President Obama on New Year’s Eve contained a now-struck-down provision to authorise the indefinite detention of American citizens on US soil.
But did you know that the NDAA also paves the way for war with Iran?
From Dennis Kucinich:
We all know that the National Defense Authorization Act (NDAA) signed by President Obama on New Year’s Eve contained a now-struck-down provision to authorise the indefinite detention of American citizens on US soil.But did you know that the NDAA also paves the way for war with Iran?
From Dennis Kucinich:
Section (6) rejects any United States policy that would rely on efforts to contain a nuclear weapons-capable Iran. Section (7) urges the President to reaffirm the unacceptability of an Iran with nuclear-weapons capability and opposition to any policy that would rely on containment as an option in response to Iranian enrichment.Read More @ Azizonomics.com
This language represents a significant shift in U.S. policy and would guarantee that talks with Iran, currently scheduled for May 23, would fail. Current U.S. policy is that Iran cannot acquire nuclear weapons. Instead, H. Res. 568 draws the “redline” for military action at Iran achieving a nuclear weapons “capability,” a nebulous and undefined term that could include a civilian nuclear program.
from KingWorldNews:
James Turk: Founder & Chairman of Goldmoney.com – James has
written “The Freemarket Gold & Money Report,” an investment
newsletter since 1987. James has specialized in international banking,
finance and investments since 1969. His business career began at The
Chase Manhattan Bank (now JP Morgan Chase Bank). He subsequently joined
the investment and trading company of a prominent precious metals trader
based in Greenwich, Connecticut then moved to the United Arab Emirates
to be appointed Manager of the Commodity Department of the Abu Dhabi
Investment Authority, until resigning in 1987.
Listen Now @ KingWorldNews.com
James Turk: Founder & Chairman of Goldmoney.com – James has
written “The Freemarket Gold & Money Report,” an investment
newsletter since 1987. James has specialized in international banking,
finance and investments since 1969. His business career began at The
Chase Manhattan Bank (now JP Morgan Chase Bank). He subsequently joined
the investment and trading company of a prominent precious metals trader
based in Greenwich, Connecticut then moved to the United Arab Emirates
to be appointed Manager of the Commodity Department of the Abu Dhabi
Investment Authority, until resigning in 1987.Listen Now @ KingWorldNews.com
from The Daily Bell:
The Muslim Brotherhood
is reaching out to rivals including politicians knocked out of the
presidential race in an attempt to rally support around its own
candidate who faces a runoff against Hosni Mubarak‘s
last prime minister, Ahmed Shafiq … Warning of “determined efforts to
recreate the old regime,” the Brotherhood said parties that supported
the uprising that swept Mubarak from power must unite “so that the
revolution is not stolen from us.” It is a choice that many Egyptians
are not relishing, either out of fear that a Shafiq victory would mark a
blow to hoped-for reform or out of worry a Brotherhood victory would
steer the country towards fundamentalist rule. – Reuters
Dominant Social Theme: Watch out for the rise of Islamic regimes.
Free-Market Analysis: In this short video (below) entitled, “Egypt: Election results present a Horrifying Scenario,” our predictions about Middle Eastern politics seem to be coming true.
Read More @ TheDailyBell.com
The Muslim Brotherhood
is reaching out to rivals including politicians knocked out of the
presidential race in an attempt to rally support around its own
candidate who faces a runoff against Hosni Mubarak‘s
last prime minister, Ahmed Shafiq … Warning of “determined efforts to
recreate the old regime,” the Brotherhood said parties that supported
the uprising that swept Mubarak from power must unite “so that the
revolution is not stolen from us.” It is a choice that many Egyptians
are not relishing, either out of fear that a Shafiq victory would mark a
blow to hoped-for reform or out of worry a Brotherhood victory would
steer the country towards fundamentalist rule. – ReutersDominant Social Theme: Watch out for the rise of Islamic regimes.
Free-Market Analysis: In this short video (below) entitled, “Egypt: Election results present a Horrifying Scenario,” our predictions about Middle Eastern politics seem to be coming true.
Read More @ TheDailyBell.com
from ReutersTV:
JP Morgan sold about $25 billion dollars of valuable securities in order to cover a $2 billion trading loss [Now estimated to be as much as $7 Billion]. That, according to Reuters Alwyn Scott, only adds to the bank’s woes.
JP Morgan sold about $25 billion dollars of valuable securities in order to cover a $2 billion trading loss [Now estimated to be as much as $7 Billion]. That, according to Reuters Alwyn Scott, only adds to the bank’s woes.
by Ted Butler, Silver Seek:
The Commodity Futures Trading Commission (CFTC) has been negligent in
failing to terminate the obvious manipulation ongoing in silver.
Furthermore, the agency may be complicit in this manipulation. Worse, it
has lied to the public and elected officials. This all goes back to the
time when Bear Stearns was taken over by JPMorgan in March of 2008. It
is well known that Bear Stearns went under as a result of a sudden loss
of liquidity amidst a run by creditors and customers. What is not well
known is that those problems were greatly exacerbated by a $2 billion
margin call on silver and gold short positions from the end of December
2007 to March 2008. I believe the silver and gold margin calls were at
the heart of Bear Stearns’ failure.
We know now (from CFTC correspondence to lawmakers in 2008) that JPMorgan took over Bear Stearns’ giant silver and gold short positions on the COMEX. Up until that time, we did not know that Bear Stearns was the concentrated silver and gold short. Using Commitment of Traders Report (COT) data, Bear Stearns had a COMEX silver short position of no less than 35,000 net contracts and a COMEX gold short position of no less than 60,000 net contracts from the end of December 2007 to their takeover by JPMorgan two and a half months later.
Read More @ Silver Seek
The Commodity Futures Trading Commission (CFTC) has been negligent in
failing to terminate the obvious manipulation ongoing in silver.
Furthermore, the agency may be complicit in this manipulation. Worse, it
has lied to the public and elected officials. This all goes back to the
time when Bear Stearns was taken over by JPMorgan in March of 2008. It
is well known that Bear Stearns went under as a result of a sudden loss
of liquidity amidst a run by creditors and customers. What is not well
known is that those problems were greatly exacerbated by a $2 billion
margin call on silver and gold short positions from the end of December
2007 to March 2008. I believe the silver and gold margin calls were at
the heart of Bear Stearns’ failure.We know now (from CFTC correspondence to lawmakers in 2008) that JPMorgan took over Bear Stearns’ giant silver and gold short positions on the COMEX. Up until that time, we did not know that Bear Stearns was the concentrated silver and gold short. Using Commitment of Traders Report (COT) data, Bear Stearns had a COMEX silver short position of no less than 35,000 net contracts and a COMEX gold short position of no less than 60,000 net contracts from the end of December 2007 to their takeover by JPMorgan two and a half months later.
Read More @ Silver Seek
from RussiaToday:
by Benji Yossarin, Silver Vigilante:
This here is a quote by good ol’ Utah Phillips; singer, songwriter,
activist and hobo philosopher. “The earth is not dying. It is being
killed, and the people killing it have names and addresses.” It stumbled
upon me on Facebook the other day amidst bunches of pictures from the
anti-NATO rally. And it got me to thinking, yeah, that is about right.
Here are all these people yelling about NATO, and how does NATO build
its machine? Money. And the obvious conclusion is that certain people
own and invest that money in order to shape world policy. Often they too
are hidden behind other faceless entities like banks, corporations and
NGOs. JPMorgan, anyone?
Recently I talked about the four pillars of power on a podcast. Those being military, political, ecclesiastical and economic means of control. Here I want to touch briefly on each:
1) Ecclesiastical. This may be the ultimate give-me of the four. Nearly everyone understands by now that religious fever has huge sway over the way populations think. It is remarkably divisive (divide and conquer!) which is a most tremendous irony seeing as near all religions, though they exhibit different names and faces for their god or gods, are completely identical in root. Not saying religion is bad, I have also seen it bring out the best in people. By definition faith is believing in what you cannot see. All need ascertain for themselves what that faith is being placed in and if it warrants their devotion.
Read More @ SilverVigilante.com
This here is a quote by good ol’ Utah Phillips; singer, songwriter,
activist and hobo philosopher. “The earth is not dying. It is being
killed, and the people killing it have names and addresses.” It stumbled
upon me on Facebook the other day amidst bunches of pictures from the
anti-NATO rally. And it got me to thinking, yeah, that is about right.
Here are all these people yelling about NATO, and how does NATO build
its machine? Money. And the obvious conclusion is that certain people
own and invest that money in order to shape world policy. Often they too
are hidden behind other faceless entities like banks, corporations and
NGOs. JPMorgan, anyone?Recently I talked about the four pillars of power on a podcast. Those being military, political, ecclesiastical and economic means of control. Here I want to touch briefly on each:
1) Ecclesiastical. This may be the ultimate give-me of the four. Nearly everyone understands by now that religious fever has huge sway over the way populations think. It is remarkably divisive (divide and conquer!) which is a most tremendous irony seeing as near all religions, though they exhibit different names and faces for their god or gods, are completely identical in root. Not saying religion is bad, I have also seen it bring out the best in people. By definition faith is believing in what you cannot see. All need ascertain for themselves what that faith is being placed in and if it warrants their devotion.
Read More @ SilverVigilante.com
by Hiroko Tabuchi and Matthew L. Wald, NY Times:
TOKYO — What passes for normal at the Fukushima Daiichi plant today
would have caused shudders among even the most sanguine of experts
before an earthquake and tsunami set off the world’s second most serious
nuclear crisis after Chernobyl.
Fourteen months after the accident, a pool brimming with used fuel rods and filled with vast quantities of radioactive cesium still sits on the top floor of a heavily damaged reactor building, covered only with plastic.
The public’s fears about the pool have grown in recent months as some scientists have warned that it has the most potential for setting off a new catastrophe, now that the three nuclear reactors that suffered meltdowns are in a more stable state, and as frequent quakes continue to rattle the region.
The worries picked up new traction in recent days after the operator of the plant, Tokyo Electric Power Company, or Tepco, said it had found a slight bulge in one of the walls of the reactor building, stoking fears over the building’s safety.
Read More @ NewYorkTimes.com
TOKYO — What passes for normal at the Fukushima Daiichi plant today
would have caused shudders among even the most sanguine of experts
before an earthquake and tsunami set off the world’s second most serious
nuclear crisis after Chernobyl. Fourteen months after the accident, a pool brimming with used fuel rods and filled with vast quantities of radioactive cesium still sits on the top floor of a heavily damaged reactor building, covered only with plastic.
The public’s fears about the pool have grown in recent months as some scientists have warned that it has the most potential for setting off a new catastrophe, now that the three nuclear reactors that suffered meltdowns are in a more stable state, and as frequent quakes continue to rattle the region.
The worries picked up new traction in recent days after the operator of the plant, Tokyo Electric Power Company, or Tepco, said it had found a slight bulge in one of the walls of the reactor building, stoking fears over the building’s safety.
Read More @ NewYorkTimes.com
from Reuters:
JPMorgan Chase & Co is replacing Lou Lebedin after keeping him
for just two months as the New York bank’s sole global prime brokerage
chief, Bloomberg News reported, citing unnamed people familiar with the
change.
Lebedian, a 54-year old former Bear Stearns executive, had been co-head of JPMorgan’s global prime brokerage since 2008, and had run the business solo since March when his London-based co-head was moved to a different role.
Lebedin is being replaced by Teresa Heitsenrether, the co-head of JPMorgan’s fixed income brokerage since 2008. Heitsenrether, 47, is based in London.
JPMorgan is the biggest U.S. bank by assets.
Read More @ Reuters.com
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JPMorgan Chase & Co is replacing Lou Lebedin after keeping him
for just two months as the New York bank’s sole global prime brokerage
chief, Bloomberg News reported, citing unnamed people familiar with the
change.Lebedian, a 54-year old former Bear Stearns executive, had been co-head of JPMorgan’s global prime brokerage since 2008, and had run the business solo since March when his London-based co-head was moved to a different role.
Lebedin is being replaced by Teresa Heitsenrether, the co-head of JPMorgan’s fixed income brokerage since 2008. Heitsenrether, 47, is based in London.
JPMorgan is the biggest U.S. bank by assets.
Read More @ Reuters.com
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